Tesla Bulls Optimistic After Elon Musk’s EV Giant Opens Supercharger Network To Rival Ford: ‘Will Vastly Increase EV Adoption’

EV giant Tesla Inc TSLA opened its supercharger network in North America to rival EV maker Ford Motor Co F on Thursday and the bulls are pleased.

What Happened: “Healthy competition means a faster acceleration of the world’s transition to sustainable energy,” Tesla investor and Future Fund Managing Partner Gary Black wrote on X, former Twitter.

Gerber Kawasaki Wealth and Investment Management CEO Ross Gerber agrees. “Tesla opening up the superchargers will vastly increase EV adoption,” Gerber, also a Tesla investor, said.

After opening its network to Ford, Tesla said that it will open its network to rival EV makers Rivian Automotive, General Motors, Volvo Car, and Polestar Automotive starting spring of this year. The EV giant also shared a photo portraying a Hummer EV, a Cybertruck, a Rivian R1T, and a Ford Mustang Mach-E lined up in front of a Tesla supercharger.

Why It Matters: Tesla is looking to open its North American supercharging network to more rival automakers through the end of 2025. While initially charging on the network will require an adapter provided by the respective automakers, they would no longer be needed once vehicles integrate Tesla’s charging standard.

“I would like to thank Elon and the Tesla team for their close collaboration and Tesla’s leadership to help change the lives of so many EV customers through improved access to charging,” Ford CEO Jim Farley said after Ford F-150 Lightning and Mustang Mach-E customers gained access to the network.

Tesla superchargers, the EV giant says, make up three out of every four fast chargers in the geography. However, not all superchargers can be accessed by other vehicle drivers. There are also Tesla-only superchargers reserved purely for the company’s vehicles.

Price Action: Tesla shares rose 5.4% over the past week to close at $202.64 on Friday, according to data from Benzinga Pro.

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Read More: Toyota’s North America CEO Cites Customer Demand As Key Driver For EV Strategy: ‘Wasted Investment Is Worse Than The Credit Purchase’

Photo by Sheila Fitzgerald on Shutterstock